Time for another Texas vs. California roundup:
The Manhattan Institute has a new report out discussing how California’s pension spending is starting to crowd out essential services. (Hat tip: Pension Tsunami.)
Austin is the number one city in the country for technology job creation.
Texas unemployment is down to 4.2%.
That’s the lowest unemployment rate since March of 2007.
Marin County Grand Jury:
Unfunded pension liabilities are a concern for county and city governments throughout California. Reviewing this problem in Marin County, the Grand Jury examined four public employers that participate in the Marin County Employees’ Retirement Association (MCERA): County of Marin, City of San Rafael, Novato Fire Protection District, and the Southern Marin Fire Protection District, hereafter collectively referred to as “Employer(s)”
The Grand Jury interviewed representatives of the County of Marin, sponsors of MCERA administered retirement plans, representatives of MCERA, and members of the various Employer governing boards and staff. It also consulted with actuaries, various citizen groups, and the Grand Jury’s independent court-appointed lawyers.
In so doing, the Grand Jury found that those Employers granted no less than thirty-eight pension enhancements from 2001- 2006, each of which appears to have violated disclosure requirements and fiscal responsibility requirements of the California Government Code.
(Hat tip: Pension Tsunami.)
The Marin Country lawyer: Nothing to see in this Grand Jury Report! Critics: Hey, aren’t you pulling down a cool $434,000 by “triple dipping” the existing system? (Ditto.)
Why does the University of California system have to hike tuition 28%? Simple: Pensions.
As with other areas of state and local budgets, a big factor is pension costs, which for UC have grown from $44 million in 2009-10 to $957 million in 2014-15. And the number of employees making more than $200,000 almost doubled from 2007-13, from 3,018 to 5,933.
While total UC employees rose 11 percent from October 2007 to October 2014, the group labeled “Senior Management Group and Management and Senior Personnel” jumped 32 percent.
(Hat tip: Pension Tsunami.)
Los Angeles Teacher’s Union gets a 10% pay hike over two years.
Like everything else associated with ObamaCare, covered California is screwed up.
BART wants a tax increase. This is my shocked face. (Hat tip: Pension Tsunami.)
And by my count, there are 157 BART employees who make more than $200,000 a year in salary and benefits…
California state senate committee votes to raise California’s minimum wage to $13 by 2017. If I were Gov. Greg Abbott, I’d be ready to start sending Texas relocation information packets to large California employers the minute this gets signed into law.
California-based Frederick’s of Hollywood files for bankruptcy. The retail lingerie business just isn’t what it used to be…
Torrence, California newspaper wins Pulitzer Prize for reporting on local school district corruption.
Priorities: Carson, California approves $1.7 billion for an NFL stadium even though they don’t have an NFL team to put in it.
Dilbert’s Scott Adams weighs in on California’s drought: